SENIOR ASSEMBLY FEDERAL PROPOSAL NO. 8

INTRODUCED BY SENIOR ASSEMBLY MEMBER MOLNAR

LEGISLATIVE COUNSEL'S DIGEST

AFP 8: FINANCIAL ELDER ABUSE.

UNDER EXISTING STATE LAW, PRESCRIBED PERSONS, INCLUDING, BUT NOT LIMITED TO, CERTAIN OFFICERS AND EMPLOYEES OF FINANCIAL INSTITUTIONS, AS DEFINED, ARE REQUIRED TO REPORT INSTANCES OF SUSPECTED FINANCIAL ELDER ABUSE. EXISTING LAW MAKES A VIOLATION OF THESE REPORTING REQUIREMENTS A CRIME.

THIS MEASURE WOULD MEMORIALIZE THE CONGRESS AND THE PRESIDENT TO ENACT LEGISLATION THAT WOULD REQUIRE MONEY WIRE TRANSFER SERVICES DOING BUSINESS IN THE UNITED STATES TO BE MANDATED REPORTERS OF SUSPECTED FINANCIAL ELDER ABUSE.

VOTE: MAJORITY.

AFP 8: RELATING TO FINANCIAL ELDER ABUSE: MANDATED REPORTERS: MONEY WIRE TRANSFER SERVICES

WHEREAS, SCAMS PERPETRATED AGAINST CITIZENS OF THE UNITED STATES RESULT IN THE LOSS OF BILLIONS OF DOLLARS ANNUALLY; AND

WHEREAS, THE INCIDENCE OF SCAMS ORIGINATING OVERSEAS FROM PLACES SUCH AS CANADA, NIGERIA, ENGLAND, JAMAICA, BOLIVIA, THE PHILIPPINES, AND ELSEWHERE HAS INCREASED DRAMATICALLY; AND

WHEREAS, MANY SUCH SCAMS INVOLVE TRANSFERRING FUNDS VIA A WIRE SERVICE BECAUSE ONCE THE WIRE TRANSFER IS COMPLETE, THE FUNDS ARE NOT RETRIEVABLE; AND

WHEREAS, ELDERLY AMERICANS ARE SPECIALLY TARGETED IN THESE SCAMS AND ARE OFTEN THE LEAST ABLE TO RECOVER FROM THIS TYPE OF FINANCIAL LOSS; AND

WHEREAS, THE WIRE FUNDS TRANSFER SERVICE IS THE “CHOKE POINT,” THAT IF CONTROLLED, WOULD GREATLY ASSIST IN EFFORTS TO GUARD AGAINST THIS SORT OF FINANCIAL ABUSE OF ELDERS; NOW, THEREFORE, BE IT

RESOLVED, BY THE SENIOR ASSEMBLY AND THE SENIOR SENATE, JOINTLY, THAT THE SENIOR LEGISLATURE OF THE STATE OF CALIFORNIA AT ITS 2012 REGULAR SESSION, A MAJORITY OF THE MEMBERS VOTING THEREFOR, HEREBY PROPOSES THAT MONEY WIRE TRANSFER SERVICES DOING BUSINESS IN THE UNITED STATES BE REQUIRED TO BE MANDATED REPORTERS OF SUSPECTED FINANCIAL ELDER ABUSE; AND BE IT FURTHER

RESOLVED, THAT THE SENIOR LEGISLATURE OF THE STATE OF CALIFORNIA RESPECTFULLY MEMORIALIZES THE CONGRESS AND THE PRESIDENT TO ENACT APPROPRIATE LEGISLATION THAT WOULD ADDRESS THE CONCERNS SET FORTH IN THIS MEASURE; AND BE IT FURTHER

RESOLVED, THAT A COPY OF THIS MEASURE BE TRANSMITTED TO THE PRESIDENT AND VICE PRESIDENT, THE SPEAKER OF THE HOUSE OF REPRESENTATIVES, THE CHAIRPERSONS OF THE HOUSE AND SENATE COMMITTEES ON AGING, AND TO EACH SENATOR AND REPRESENTATIVE FROM CALIFORNIA IN THE CONGRESS OF THE UNITED STATES.

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